PFRDA issues diktat for National Pension Scheme subscribers

Pension fund regulator PFRDA has made bank account details and mobile number mandatory for subscribers of national pension scheme (NPS), the finance ministry said today. Further, in compliance with the Prevention of Money Laundering Act (PMLA) guidelines, the Pension Fund Regulatory and Development Authority (PFRDA) has also made Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS), like new functionality development under NPS architecture, simplification of account opening, withdrawal and grievance management. 

"It has been decided by the authority to make bank account details and mobile number mandatory to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle-free," the ministry said in a statement. The requirements have been made mandatory in the new common subscriber registration form (CSRF) that are required to be filled in by the new subscribers.  The existing subscribers have been provided the facility to submit online FATCA Self-Certification in their login (www.Cra-nsdl.Com or https://enps.Karvy.Com/Login/Login ), the ministry said. "It is to be ensured by the subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms," it added. The Pension Fund Regulatory and Development Authority (PFRDA) announced on Friday that it has made bank account details and mobile number compulsory for subscribers of the National Pension Scheme (NPS).

A Finance Ministry release said the pension regulator has also made the Foreign Account Tax Compliance Act (FATCA) and the Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing subscribers, in compliance with the Prevention of Money Laundering Act (PMLA) guidelines. "It has been decided by the Authority to make bank account details and mobile number mandatory to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle-free," the statement said.

The requirements have been made mandatory in the new Common Subscriber Registration Form that are required to be filled in by the new subscribers, it added.  Existing subscribers can submit online the FATCA self-certification in their login (www.cra-nsdl.com or https://enps.karvy.com/Login/Login).
"It is to be ensured by the subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms," the Ministry said.